Sugar Stocks Drop as Major Indices Fall: Market Update

NEW DELHI: On Friday morning, many sugar companies’ stocks were falling. Here are some of the biggest losers: Uttam Sugar Mills Ltd. (down 6.77%), Vishwaraj Sugar Industries Ltd. (down 6.31%), Sakthi Sugars Ltd. (down 6.28%), Bajaj Hindusthan Sugar Ltd. (down 6.09%), and Kothari Sugars & Chemicals Ltd. (down 5.46%). Other losers included Ugar Sugar Works Ltd. (down 5.04%), Rajshree Sugars & Chemicals Ltd. (down 5.04%), KCP Sugar & Industries Corporation Ltd. (down 4.95%), Dwarikesh Sugar Industries Ltd. (down 4.83%), and Ponni Sugars (Erode) Ltd. (down 4.32%).

Meanwhile, the NSE Nifty50 index was down by 306.36 points, sitting at 23940.35, while the BSE Sensex, which has 30 stocks, was down by 915.07 points at 78886.36 around 11:15 AM.

On a brighter note, some companies were doing well. SBI Life Insurance Company Ltd. (up 4.64%), Infosys Ltd. (up 0.97%), IndusInd Bank Ltd. (up 0.62%), Tata Consultancy Services Ltd. (up 0.58%), and Tech Mahindra Ltd. (up 0.48%) were among the top gainers in the Nifty group.

In contrast, some other major companies were not having a good day. Axis Bank Ltd. dropped by 4.69%, Adani Enterprises Ltd. fell by 4.0%, Adani Ports & Special Economic Zone Ltd. was down by 3.8%, and Trent Ltd. saw a decline of 3.53%. Other companies losing ground included Bajaj Finserv Ltd. (down 3.38%), Bharat Electronics Ltd. (down 3.13%), Apollo Hospitals Enterprise Ltd. (down 2.92%), Dr. Reddy’s Laboratories Ltd. (down 2.75%), Power Grid Corporation of India Ltd. (down 2.74%), and Bajaj Finance Ltd. (down 2.69%).